October witnessed a significant deleveraging event that underscored fundamental distinctions between Bitcoin and altcoins. According to NS3.AI, Bitcoin is increasingly behaving like collateral, whereas altcoins are seen as speculative investments tied to exchange governance. Analyst Darius Sit points out that Bitcoin is experiencing a liquidity squeeze, a situation that gold has not encountered. This development questions the prevailing narratives that position Bitcoin as a direct competitor to gold in the realm of safe-haven assets.